$361 million profit for CMA CGM as revenues rise 7% to $15.9 billion

By Finance

CMA CGM has informed for a net profit of US$361 million for 2012 after declaring a net loss of $30 million in 2011 – since corrected by 2012 revenues of $15.9 billion, up 7%. CMA CGM is a leading French container shipping company and it is the 3rd biggest in the Earth.
CMA CGM executive officer Rodolphe Saade announced: “2012 was an important year for CMA CGM. As announced, we completed our financial restructuring and strengthened our balance sheet with the sale of a new equity interest to FSI and an additional stake to Yildirim. We have therefore begun 2013 on solid foundations from which to pursue growth.”
The French company had problems with debt but now there is a plan which has made $800 million savings. A report from CMA CGM is explaining that the company is ready for the new year: "In early 2013, freight rates levels are higher than in early 2012. World demand is expected to vary by region, remaining weak inbound to Europe but showing more positive trends elsewhere, especially in the United States, Russia and emerging markets, particularly in Asia, Africa and Latin America."
CMA CGM also announced that the balance sheet will be strengthened with the sale of a 49% stake in Terminal Link for €400 million (US$514 million), closing on an $100 million equity injection from Turkey’s Yildirim Group, receiving a $150 million equity injection from the French government’s Fonds Strategique d’Investissement (FSI), and closing on an agreement with its banks regarding its debt restructuring.